Although company registration Thailand is certainly vital if you want to begin selling your goods and services to the Thai public and take advantage of the ASEAN economy, you can’t allow it to completely consume you to the point where it causes your business to falter. It is estimated that the failure rate of foreign businesses in Thailand during the first year is somewhere between 50-75%. When a company starts up in its own country, the failure rate in year one is around 25%.
It’s often the case whereby foreign businesses fail to take expert legal advice when it comes to company registration Thailand. As a result, they pour so much time and energy into this process that they completely neglect to take care of the actual running of the business. Instead of allowing it to drag you down, it’s much easier to contact a fully qualified legal team to take care of the red tape.
Other Reasons Why Foreign Companies Don’t Succeed In Thailand
Company registration Thailand travails aside; there are numerous reasons why businesses fail. This is a real shame because those that get it right are spectacularly successful. Below are some common mistakes that you must learn to avoid.
-Not Enough Capital: As the cost of living in Thailand is well below that of most European countries, Australia and the United States, it is often assumed that a large level of capital is not required. To be honest, you won’t get rich by investing 1 million baht in a bar or restaurant. The overall average cost of living may be relatively low but there is lots of money in Thailand. You can bet that your main competitors have invested huge sums to entice discerning consumers.
-No Professionalism: Before you even consider company registration Thailand, ask yourself: Do I have experience when it comes to running a business? Many foreign investors in Thailand were only employees and not entrepreneurs back home. They come to Thailand and try and start a business in a sector they are not familiar with. This is destined to lead to disaster. If you have never run a bar or restaurant before, you simply must have someone with experience in this area. Even successful businessmen in Thailand have failed before and learned from their mistakes.
-No Imagination: If you are opening a massage parlour, bar, restaurant or even a corporate business, be aware that you will have a multitude of rivals. To compete on an even playing field, you first need to find a fantastic location and then offer a level of service unique to your sector. If you achieve success, you will need to build upon it instead of becoming complacent.
If you have the requisite capital, sufficient experience and can find a prime location, then you can begin worrying about company registration Thailand. This is actually the least of your worries because the seemingly complex legal issues can be quickly solved by an expert Thai legal team who will help you receive the necessary documents in no time.
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